Deficit still dropping
Latest report here.
People can argue details for weeks, but it's getting pretty hard to make the case based on general observation that tax cuts don't increase revenues.
Now, as for that spending...
It's bizarre to realize that if our budget had been frozen in FY 2005--only two years ago--we'd be in surplus now. The Republicans, once they got the Presidency, sucked at keeping government spending down, and believe me, it wasn't all wartime spending, either.